A PYMNTS Company

Senate Edges Forward on Market Structure Bill for Crypto

By  |  September 10, 2025

The Senate is continuing its push to finalize a sweeping framework for regulating cryptocurrencies and digital assets, moving another step closer to establishing federal oversight for the fast-growing sector.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Lawmakers on Friday introduced an updated draft of the Responsible Financial Innovation Act of 2025, which includes a key provision clarifying that traditional securities, such as stocks, would not automatically be categorized as commodities if they were issued in tokenized digital form. According to a CNBC report, the measure is designed to prevent overlaps and regulatory confusion as more financial instruments move onto blockchain platforms.

    Sen. Cynthia Lummis, R-Wyo., a lead sponsor of the legislation, emphasized the urgency of passing the bill this year. “We want this on the president’s desk before the end of the year,” she told CNBC. The senator also noted that separate committees will weigh in on different aspects of the proposal in the coming weeks. The Senate Banking Committee is expected to review the Securities and Exchange Commission’s role later this month, while the Senate Agriculture Committee will examine Commodity Futures Trading Commission oversight in October. A floor vote could follow as early as November, per a CNBC report.

    The push follows the passage of a separate stablecoin bill earlier this summer, which both chambers of Congress approved before President Donald Trump signed it into law in July. While that measure represented progress, many in the digital asset industry see the broader market structure bill as more consequential. Companies such as Coinbase and Ripple have been lobbying for clearer rules that would distinguish between when digital tokens fall under securities regulation and when they are treated as commodities.

    Related: Broad Coalition of Crypto Groups Urge Senate to Protect Developers in Market Structure Bill

    Despite Republican momentum, the Senate’s draft has not yet secured Democratic support. According to a CNBC report, bipartisan talks are underway, with lawmakers exploring ways to pair members from both parties on specific provisions in hopes of building consensus. Even with full Republican backing, at least seven Democratic senators would be required to advance the bill to final passage.

    A spokesperson for the Senate Banking Committee said the current draft “reflects feedback from hundreds of stakeholders on a wide range of questions,” highlighting the extensive consultations behind the effort.

    If passed, the Senate’s version would need to be reconciled with the House bill approved in July before reaching the president’s desk.

    Source: CNBC